Zee and Sony Settle Disputes Over Failed $10B Merger; Shares Surge 15%

Aug 27, 2024, 09:34 AM

Zee Entertainment Enterprises Ltd and Sony Pictures Networks India, along with Culver Max Entertainment (CMEPL) and Bangla Entertainment (BEPL), have reached a comprehensive settlement to resolve all disputes related to their failed $10 billion merger. The agreement, signed on August 27, 2024, includes the withdrawal of all applications and claims before the Singapore International Arbitration Centre and other legal entities, including a $90 million termination fee. The settlement is non-cash and aims to terminate the merger transaction amicably. Following the announcement, Zee Entertainment's shares surged by up to 15% in intraday trading.